Frankly I would have asked them what is the purpose of forcing a test to take a minimum of 83.3333 minutes to execute.
If this is for visual ability, then who are they going to get to sit there for an hour and a half and just watch a test run...If it is for the application then there are much better ways to ensure something is loaded then to just put 5 seconds on everything.
As far as registering an event that fires for each Selenium command goes, the link provided by olyv in the above comment is a great place to start.
Personally though I would prefer to create a wrapper for the Selenium commands so that it isn't just an event, but I can execute any amount of common code within the wrapper and then when executing the command I just push it all through the wrapper. There are various ways to do this, but it is custom code to add-on or encapsulate Selenium API's. Then the actual seconds is in a config file for easy adjusting. I have found this approach very useful in many situations.